Inventory, Ja Purchases, Jan. 1 to Nov. 30 (includes P56,000 goods in 162,000 transit shipped FOB shipping point) • Purchase returns and discounts 3,324,000 . Freight-in • Sales 16,000 104,000 4,654,000 , Sales returns 10,000 Bandolin Co. consistently marks-up Product X at 35% based on sale price. How much is the loss due to theft? a. 555,400 b. 499,400 c. 112,400 d. 56,400

Inventory, Ja Purchases, Jan. 1 to Nov. 30 (includes P56,000 goods in 162,000 transit shipped FOB shipping point) • Purchase returns and discounts 3,324,000 . Freight-in • Sales 16,000 104,000 4,654,000 , Sales returns 10,000 Bandolin Co. consistently marks-up Product X at 35% based on sale price. How much is the loss due to theft? a. 555,400 b. 499,400 c. 112,400 d. 56,400

Name: Inventory, JaPurchases, Jan. 1 to Nov. 30 (includes P56,000 goods in1
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Description: Inventory, JaPurchases, Jan. 1 to Nov. 30 (includes P56,000 goods in162,000transit shipped FOB shipping point)• Purchase returns and discounts3,324,000. Freight-in• Sales16,000104,0004,654,000, Sales returns10,000Bandolin Co. consistently marks-up P

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following journal entries would be recorded when the inventory with cost of 11.000 TL has a shrinkage of 1.000 TL in its value? a.1.000 TL debit to 621-COGS; 1.000 TL credit to 153-Inventory b.1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 100-Cash c.1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 153-Inventory d.1.000 TL debit to 157-Other Inventory; 1.000 TL credit to 153-Inventory
Law's 2021 cost of sales was a. $534,000 b. $500,000 c. $539,000 d. $470,000
The inventory of Wildhorse Company on December 31, 2025, consists of the following items. Part 110 111 112 113 120 121 a 122 Quantity 660 1,040 540 210 410 1,700 280 Show Transcribed Text Cost per Unit Net Realizable Value Show Transcribed Text Sales revenue Markdowns $128.00 Sales returns Inventory as of December 31, 2025 81.00 108.00 Markups Markup cancellations 229.50 277.00 Freight on purchases 22.00 324.00 aPart No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2025 $ Markdown cancellations $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. The records of Oriole's Boutique report the following data for the month of April. $100,800 1,800 10,300 $135.00 1,500 8,700 70.00 2,700 103.00 243.00 2,100 281.00 1.00 317.00 Purchases (at cost) Purchases (at sales price) Purchase…
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What amount should be reported as Inventory at year-end? 7. Alaska Company reported the following current assets at year-end: Cash 23,000 Account receivable 44,000 Notes receivable, net of discounted note P53,000 300,000 Inventory 40,000 Deferred charges 15,000 422.000 Accounts receivable comprised the following: Trade accounts receivable 12,000 Allowance for doubtful accounts 12,000) Claim against shipper for goods lost in transit 22,000 Selling price of Saudi Company's unsold goods sent to Alaska Company on consignment at 150% of cost and excluded from Saudi's ending Inventory 12,000 Your answer
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10. The Kansas Company provided the following data for its December 31, 2020, inventory maintained on the retail basis. At Cost At Retail Beginning inventory Purchases $120,000 $224,000 280,000 396,000 20,000 Markups (net) Markdowns (net) Sales (40,000) 520,000 What is the estimated inventory at December 31, 2020, valued at lower of average cost or market? a. $53,333 b. $75,000 c. $56,000 d. $50,000
6.The following data were available for ABC Corp at Dec 31, 20X2:Net purchases P345,000Inventory, Dec 31 P50,000There was an decrease of the inventory by 6,000 at year endHow much was the inventory at Jan 1, 20X2? 6,000 44,000 50,000 56,000